Knoxville Chapter 7 Bankruptcy Lawyer Seeks Relief for Clients
East Tennessee attorney works to help debtors make a fresh start
Drawing on more than 25 years of legal experience, William E. Maddox, Jr. LLC, Attorney at Law in Knoxville represents East Tennessee clients in Chapter 7 bankruptcy proceedings. Before you start the filing process, I take the time to learn about your specific circumstances and goals. If other debt relief alternatives might work as well, my firm will give you the information you need to make an informed choice. Should you go ahead with filing for Chapter 7 bankruptcy, I’ll outline exactly what debt discharge entails and help you avoid any unpleasant surprises.
Accomplished firm handles each aspect of debt discharge actions
When people think about personal bankruptcy, Chapter 7 is often what they have in mind. Each case is unique, but usually within six months, those who use this legal measure will emerge with a much brighter financial outlook. My firm guides you through each step of the process, including:
- Eligibility and means test — Chapter 7 relief is reserved for people with serious financial problems who have not filed for bankruptcy during the relevant look-back period. A “means test” is used to determine if a potential filer’s income and assets make them eligible under Chapter 7. For those who do not qualify, Chapter 13 bankruptcy might be good option.
- Automatic stay — When your bankruptcy filing is accepted, a trustee is appointed and an automatic stay is issued. This puts an immediate legal halt to communications from collection agents and actions that creditors might try to take against you. While the bankruptcy is pending, you can take advantage of this break to focus on what’s ahead.
- Creditors’ meeting — The trustee convenes a meeting where your creditors have the chance to discuss their claims against you. Based on this information and other facts, the trustee determines how any available assets will be divided. I will prepare you for this meeting and advocate for your interests.
- Liquidation of assets — Certain assets owned by a person seeking Chapter 7 protection might be sold off in order to address some of the debt owed to creditors. My firm takes the time to explain what types of property are excluded from this liquidation process. Should you own a home, I’ll outline Tennessee’s homestead exemption and analyze whether enough home equity exists to justify a sale.
- Discharge of nonexempt debts — Not all debts are eliminated once the Chapter 7 process is complete. Back taxes, child support and student loan obligations usually remain. However, nonexempt debts, such as credit-card balances and money owed to medical providers, are discharged, giving you the chance to rebuild your credit rating.
Filing for bankruptcy is often a difficult decision, even when it seems like there are no better options. From start to finish, you can rely on my firm for comprehensive legal support as you take this important step.
Thorough advocate handles business liquidation proceedings
Though many businesses seek to remain open while restructuring their debt, sometimes owners don’t believe there is any possible escape from their financial problems. In these cases, businesses might opt for Chapter 7 bankruptcy to liquidate any remaining assets in an orderly manner before closing their doors. Under Chapter 7, the trustee assumes control and determines how creditors will be paid. Before you make a decision on how to proceed, it’s important to understand if you or anyone else with an ownership stake in the business has any personal liability for remaining obligations. My firm will analyze the situation in detail and work to protect your interests as you wind down operations.
Contact an experienced Knoxville Chapter 7 bankruptcy lawyer for a free consultation
William E. Maddox, Jr. LLC, Attorney at Law handles Chapter 7 bankruptcy proceedings for Tennessee residents. For a free consultation, please call or contact me online. My office is in Knoxville.